The following graph shows the monthly demand and supply curves in the market for keyboards.

b) The equilibrium price in this market is ________ per keyboard, and the equilibrium quantity is ____________ keyboards bought and sold per month.

Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices.

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Use the graph input tool to help you answer the following questions. Enter an amount into the Price field to see the quantity demanded and quant supplied at that price. You will not be graded on any changes you make to this graph. PRICE (Dollars per keyboard) 60 54 48 36 6 0 + 1 + I I Supply Demand 0 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Keyboards) Graph Input Tool Market for Keyboards Price (Dollars per keyboard) Quantity Demanded (Keyboards) 24 600 Quantity Supplied (Keyboards) ? 400 Use the graph input tool to help you answer the following questions. Enter an amount into the Price field to see the quantity demanded and quant supplied at that price. You will not be graded on any changes you make to this graph. PRICE (Dollars per keyboard) 60 54 48 36 6 0 + 1 + I I Supply Demand 0 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Keyboards) Graph Input Tool Market for Keyboards Price (Dollars per keyboard) Quantity Demanded (Keyboards) 24 600 Quantity Supplied (Keyboards) ? 400

Answer rating: 100% (QA)

Question Equilibrium in the market occurs at that point where demand ... View the full answer